For this reason, offshore marketplace Outsource Accelerator analyzed data from the U.S. Bureau of Labor Statistics to calculate the average layoff rates for different industries, to determine which are the most and least secure job sectors.
"The level of job stability associated with each industry should be an important consideration for anybody entering the job market for the first time or considering a change of career," said Outsource Accelerator Founder and CEO Derek Gallimore.
"By analyzing publicly available government data on layoffs and discharge rates, we were able to rank which industries offer the most and least job security," he added.
According to the data, these industries had the the highest layoff rates in 2022 and were deemed high risk for potential layoffs in 2023:
—The arts, entertainment and recreation industry offers the least job security, with the highest layoff rate at 2.98 percent for 2022. This equates to 69,400 employees being laid off per month on average in this industry.
—The construction industry offers the second worst job security with a layoff rate of 1.80 percent, the equivalent of 139,200 people being laid off on average per month.
—Professional and business services were found to have the third worst job security at a 1.56 percent layoff rate. This industry — which includes those working in accounting, engineering, veterinary, advertising and computer services, was found to have the highest number of layoffs per month on average at 353,000 people. However, the industry ranks third when adjusted for the total number of workers in the field, which stands at approximately 22.6 million.
—The Information industry, which covers those working in image and sound recording, digital and print publishing and telecommunications jobs, ranked as having the fourth highest layoff rate at 1.12 percent.
—Other services, which encompasses professions, such as equipment and machinery repair, dry cleaning or laundry services, providing personal and pet care, grantmaking and promoting religious activities, ranked fifth at 1.06 percent.
"While the difference between the percentages may at first appear small, we found that those in the arts, entertainment and recreation industry are actually 13 times more likely to be laid off than those working for the Federal government," said Gallimore.
"According to the North American Industry Classification System (NAICS) this includes those working for or within the performing arts, museums, historical sites, casinos, and other leisure-based occupations," he added.
Most Job Security
Meanwhile, jobs in the Federal government were found to be the most secure, with a layoff rate of just 0.22 percent. This is the equivalent of 7,000 employees out of the 3.1 million in total for this sector, being laid off every month.
The state and local education sector ranked as the second most secure, following closely behind with a layoff rate of just 0.30 percent, the equivalent of 33,600 layoffs per month on average out of a workforce of 11.2 million people.
The finance and insurance industry ranked as the third most secure with a layoff rate of 0.40 percent on average.
(c)2023 Staten Island Advance, N.Y. Distributed by Tribune Content Agency, LLC.
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